Bank of Maharashtra Q4 Results: Net Profit jumps 45% to ₹1,218 crore, dividend announced
Upstox
2 min read • Updated: April 26, 2024, 2:20 PM
Summary
Bank of Maharashtra's (BoM's) total income surged to ₹6,488 crore in the March quarter as against ₹5,317 crore in the corresponding period last year. Interest income increased to ₹5,467 crore during the period under review from ₹4,495 crore year-on-year (YoY).
State-owned Bank of Maharashtra's (BoM's) net profit jumped 45% to ₹1,218 crore in the fourth quarter of the year ended on March 31, 2024 (Q4 FY24) due to an increase in interest income and a decline in bad loans. In the year-ago period, the bank had reported a net profit of ₹840 crore.
According to an exchange filing, the Pune-based lender's total income surged to ₹6,488 crore in the March quarter as against ₹5,317 crore in the corresponding period last year.
Interest income increased to ₹5,467 crore during the period under review from ₹4,495 crore year-on-year (YoY).
Bank of Maharashtra announces dividend
The Board of Directors of the bank has recommended a dividend of ₹1.40 per equity share of ₹10 face value out of the net profits for FY24.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47% by the end of March 2023.
Net NPAs decreased to 0.20% of advances compared to 0.25% at the end of 2024.
BoM's board has also approved raising funds up to ₹7,500 crore via follow-on public offer (FPO) or rights issue, qualified institutional placement (QIP) issue, or any other mode or through issue of BASEL III Compliant Tier I and Tier II Bonds or such other securities as may be permitted under applicable laws etc, it said.
Provision Coverage Ratio stood to 98.34 per cent as on March 30, 2024.
However, the bank's capital adequacy ratio declined to 17.38 per cent from 18.07 per cent at the end of FY23.
With PTI inputs